Sandfire Resources Limited (ASX:SFR): What Did the September Quarter Show for Copper Output?

Sonal Goyal

09 November 2026 06:40 PM AEDT

Sandfire Resources Limited (ASX:SFR): What Did the September Quarter Show for Copper Output?

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Key Highlights

Sandfire shares traded at $20.30, up 6.20%, during the 9 November 2026 trading session.
Group copper equivalent production was 38.9kt in Q1 FY27, about 25% of the mid-point of annual guidance.
The company retained its production, cost and Capital Expenditure guidance for FY2027.

Sandfire Resources Limited (ASX:SFR) shares were trading at $20.30 during the Trading session on 9 November 2026, up 6.20%. The S&P/ASX 200 index rose 0.10% to 9,029.70 and the S&P/ASX 200 Materials index gained 2.88% to 23,254.80 over the same session. Sandfire operates copper mines in Spain (MATSA) and Botswana (Motheo), and reports copper equivalent production each quarter.

Latest Development: September Quarter Report on 27 October 2026

Sandfire's September 2026 quarterly report, released on 27 October 2026, showed group copper equivalent production of 38.9kt for Q1 FY2027.

MATSA produced 22.7kt of copper equivalent while processing 4.7 million tonnes per annum, and Motheo produced 16.1kt at an optimal processing rate of 5.6 million tonnes per annum.

The company reported an underlying operating unit cost of $95 per tonne of ore processed at MATSA, for an implied C1 cost of $1.18 per pound. It expects unit cost improvement over the rest of FY2027 as the recent weakening of the euro against the US dollar and an equipment maintenance cycle take effect.

Safety and Guidance

Sandfire reported a total recordable injury frequency of 1.8 at 30 September 2026, compared with 1.6 at 30 June 2026, and seven high potential incidents during the quarter.

The company said it has retained group production, cost and capital expenditure guidance for FY2027.

About the Company and Business Overview

Sandfire is a copper producer with operations in southern Europe and Africa. Its MATSA complex in Spain is its largest operation, and its Motheo mine is in Botswana.

Revenue depends on copper volumes, realised prices and currency movements, particularly the euro against the US dollar.

Sector Context

Copper markets are influenced by Demand from electrification and infrastructure, as well as by Supply disruptions at major mines. Treatment and refining charges also affect smelter economics.

Copper rose 0.86% to USD 13,876.00 on 9 November 2026, according to market data for the session.

Risks and What to Watch Ahead

The report identifies negative treatment and refining charges and a higher rate of deferred waste stripping at Motheo as contributors in the quarter. The company's expected unit cost improvement across the rest of FY2027 depends on the factors it outlined.

Watch items include the FY2027 unit cost trajectory at MATSA, Motheo processing performance and the December quarter report.

Final Word

Sandfire's September quarter report shows copper equivalent output in line with its FY2027 plan, retained guidance and a unit cost that the company expects to improve. The figures cover the quarter ended 30 September 2026.

FAQs

Q: What is Sandfire's main business?

A: Sandfire is a copper producer operating the MATSA mine in Spain and the Motheo mine in Botswana.

Q: When was the quarterly report released?

A: Sandfire released its September 2026 quarterly report on 27 October 2026.

Q: How much copper equivalent did Sandfire produce?

A: Group copper equivalent production was 38.9kt in Q1 FY2027, according to the release.

Q: Did the company change FY2027 guidance?

A: No. The company said it retained production, cost and capital expenditure guidance for FY2027.

Q: How did Sandfire shares trade on 9 November 2026?

A: Sandfire shares were trading at $20.30, up 6.20%, during the 9 November 2026 trading session.

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